CIBC Boosts Precision Drilling (TSE:PD) Price Target to C$130.00

Precision Drilling (TSE:PD) (NYSE:PDS) had its price target hoisted by research analysts at CIBC from C$110.00 to C$130.00 in a research note issued to investors on Monday, BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. CIBC’s target price would suggest a potential upside of 42.09% from the stock’s current price.

Several other brokerages have also commented on PD. Raymond James decreased their price objective on shares of Precision Drilling from C$137.00 to C$132.00 and set a “strong-buy” rating on the stock in a report on Wednesday, February 7th. BMO Capital Markets raised their price target on Precision Drilling from C$125.00 to C$130.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. ATB Capital increased their target price on Precision Drilling from C$125.00 to C$126.00 in a research note on Monday, April 8th. Royal Bank of Canada dropped their target price on Precision Drilling from C$125.00 to C$122.00 in a research report on Friday, January 12th. Finally, Evercore reduced their price target on shares of Precision Drilling from C$142.00 to C$139.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 7th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of C$126.73.

Precision Drilling Price Performance

Shares of Precision Drilling stock traded down C$0.30 on Monday, reaching C$91.49. The company’s stock had a trading volume of 61,082 shares, compared to its average volume of 81,726. The stock has a 50-day moving average price of C$89.02 and a 200-day moving average price of C$81.82. Precision Drilling has a 52-week low of C$56.42 and a 52-week high of C$104.90. The company has a market capitalization of C$1.32 billion, a P/E ratio of 4.66, a PEG ratio of -3.24 and a beta of 2.92. The company has a quick ratio of 1.36, a current ratio of 1.40 and a debt-to-equity ratio of 62.97.

Precision Drilling (TSE:PD) (NYSE:PDS) last posted its quarterly earnings results on Tuesday, February 6th. The company reported C$4.70 earnings per share for the quarter, topping analysts’ consensus estimates of C$2.82 by C$1.88. The firm had revenue of C$506.87 million for the quarter, compared to analyst estimates of C$476.00 million. Precision Drilling had a net margin of 14.93% and a return on equity of 20.61%. Analysts expect that Precision Drilling will post 8.6166667 EPS for the current year.

Insider Activity

In related news, Director Carey Thomas Ford sold 3,756 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of C$62.16, for a total value of C$233,472.96. In other news, Senior Officer Veronica H. Foley sold 1,763 shares of Precision Drilling stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of C$62.23, for a total transaction of C$109,711.49. Also, Director Carey Thomas Ford sold 3,756 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of C$62.16, for a total transaction of C$233,472.96. Insiders sold 21,373 shares of company stock worth $1,329,227 in the last 90 days. 1.32% of the stock is currently owned by corporate insiders.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.